-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, NYoisMLqNO89iEpL6vR28GK2F1i5PyKLYYFxzCScMUeR1NmauLrcXkr6Sy9c3I/Z sokBl8fjj8RAdZBwJEHyeQ== 0000712534-05-000176.txt : 20051017 0000712534-05-000176.hdr.sgml : 20051017 20051017163036 ACCESSION NUMBER: 0000712534-05-000176 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20051017 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20051017 DATE AS OF CHANGE: 20051017 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST MERCHANTS CORP CENTRAL INDEX KEY: 0000712534 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 351544218 STATE OF INCORPORATION: IN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-17071 FILM NUMBER: 051141148 BUSINESS ADDRESS: STREET 1: 200 E JACKSON ST STREET 2: PO BOX 792 CITY: MUNCIE STATE: IN ZIP: 47308-0792 BUSINESS PHONE: 7657471500 MAIL ADDRESS: STREET 1: 200 EAST JACKSON STREET CITY: MUNCIE STATE: IN ZIP: 47305 8-K 1 f8k101705er3rdqtr.txt FORM 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ------------------------------ DATE OF REPORT (Date of earliest event reported): October 17, 2005 ------------------------------ FIRST MERCHANTS CORPORATION (Exact name of registrant as specified in its charter) ------------------------------- INDIANA 0-17071 35-1544218 (State or other jurisdiction (Commission file number) (IRS Employer of incorporation) Identification No.) 200 East Jackson Street P.O. Box 792 Muncie, IN 47305-2814 (Address of principal executive offices, including zip code) (765) 747-1500 (Registrant's telephone number, including area code) Not Applicable (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Page 1 of 11 ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION. On October 17, 2005, First Merchants Corporation issued a press release to report its financial results for the third quarter ended September 30, 2005. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K. The information in this Current Report on Form 8-K, including Exhibit No. 99.1 hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liability of that section. The information in this Current Report shall not be incorporated by reference into any filing or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing or document. ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS. (a) Not applicable. (b) Not applicable. (c) Exhibits. Exhibit 99.1 Press Release, dated October 17, 2005, issued by First Merchants Corporation Page 2 of 11 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. First Merchants Corporation (Registrant) By: /s/ Mark K. Hardwick -------------------------------------------- Mark K. Hardwick Senior Vice President and Chief Financial Officer (Principal Financial and Chief Accounting Officer) Dated: October 17, 2005 Page 3 of 11 EXHIBIT INDEX ------------- Exhibit No. - ----------- 99.1 Description ----------- Press Release, dated October 17, 2005, issued by First Merchants Corporation. Page 4 of 11 First Merchants Corporation Exhibit No. 99.1 Press Release, dated October 17, 2005 N / E / W / S R / E / L / E / A / S / E October 17, 2005 FOR IMMEDIATE RELEASE For more information, contact: Mark K. Hardwick, Senior Vice President/Chief Financial Officer, 765-751-1857 http://firstmerchants.com SOURCE: First Merchants Corporation, Muncie, Indiana FIRST MERCHANTS CORPORATION ANNOUNCES 7.3% INCREASE IN THIRD QUARTER EARNINGS PER SHARE First Merchants Corporation (NASDAQ - FRME) has reported third quarter diluted earnings per share of $.44, a 7.3 percent increase over $.41 recorded in the third quarter of 2004. Net income during the quarter totaled $8.2 million compared to $7.7 million in 2004. Year-to-date diluted earnings per share totaled $1.22, a 3.4 percent increase over $1.18 recorded in 2004. Net income for the nine months ended September 30, 2005 totaled $22.7 million compared to $21.9 million in 2004. Year-to-date net-interest income improved by $4.7 million, or 6.0 percent, as net-interest margin improved to 3.96 percent. Non-interest income also increased by $705,000, or 2.7 percent. Mitigating costs include increased provisions for loan losses of $1.9 million and increased operating expenses of $2.8 million, or 4.0 percent. However, as reported in the Corporation's 8-K filing of February 16, 2005, a $1.6 million charge related to the curtailment of the Corporation's defined benefit pension plan is included in the 4.0 percent increase. As of September 30, 2005, non-performing loans totaled 75 basis points of average total loans and the allowance for loan losses as a percent of total loans equaled 1.03 percent. Total assets equaled $3.2 billion at quarter-end, an increase of $57 million, or 1.8 percent from September 30, 2004. Loans, investments and bank-owned life insurance, the Corporation's three primary earning assets, totaled $2.9 billion, an increase of $66 million over the prior year. Michael L. Cox, President and Chief Executive Officer, stated that, "Consecutive quarters of seven percent earnings per share increases are reflective of management's expectations of high single digit to low double digit earnings per share growth. With the cost of the first quarter curtailment expense added back to net income the Corporation would also be up 7.6 percent for the year." CONFERENCE CALL First Merchants Corporation will conduct a conference call at 2:30 p.m. (CT)/3:30 p.m. (ET) on Wednesday, October 19, 2005. To participate dial (Toll Free) 877-407-9210 and reference First Merchants Corporation's third quarter earnings release. A replay will be available until October 26, 2005. To access, US/Canada participants should dial (Toll Free) 877-660-6853 or for International participants, dial 201-612-7415. The replay will require the Account # 286 and Conference ID # 170946. During the call we may make Forward Looking statements about our relative business outlook. These Forward Looking statements and all other statements made during the call that do not concern historical facts are subject to risks and uncertainties that may materially affect actual results. Specific Forward Looking statements include but are not limited to any indications regarding the Financial Services industry, the economy and future growth of the balance sheet or income statement. Detailed financial results are reported on the attached pages. First Merchants Corporation is a financial holding company headquartered in Muncie, Indiana. Subsidiaries of the Corporation include First Merchants Bank, Madison Community Bank, First United Bank, United Communities National Bank, First National Bank, Decatur Bank & Trust Company, Frances Slocum Bank, Lafayette Bank & Trust Company, Commerce National Bank and Merchants Trust Company. The Corporation also operates First Merchants Insurance Services, a full-service property casualty, personal lines, and healthcare insurance agency, headquartered in Muncie, Indiana, and is a majority member of Indiana Title Insurance Company, LLC, a title insurance agency. First Merchants Corporation's common stock is traded over-the-counter on the NASDAQ National Market System under the symbol FRME. Quotations are carried in daily newspapers and can be found on the company's Internet web page (http:/www.firstmerchants.com). * * * * CONSOLIDATED BALANCE SHEETS
(in thousands) September 30, 2005 2004 Assets Cash and due from banks $ 81,310 $ 73,367 Federal funds sold 22,700 ----------- ----------- Cash and cash equivalents 81,310 96,067 Interest-bearing time deposits 10,708 12,204 Investment securities 436,794 420,645 Mortgage loans held for sale 5,026 2,715 Loans 2,443,931 2,395,306 Less: Allowance for loan losses (25,149) (25,243) ---------- ---------- Net Loans 2,418,782 2,370,063 Premises and equipment 38,473 38,170 Federal Reserve and Federal Home Loan Bank stock 23,165 22,750 Interest receivable 19,561 17,594 Core deposit intangibles and goodwill 139,597 140,186 Cash surrender value of life insurance 43,230 41,700 Other assets 21,792 19,268 ----------- ----------- Total assets $ 3,238,438 $ 3,181,362 =========== =========== Liabilities Deposits Noninterest-bearing $ 346,318 $ 373,548 Interest-bearing 2,118,975 2,083,271 ----------- ----------- Total deposits 2,465,293 2,456,819 Borrowings 423,959 379,922 Interest payable 5,643 5,706 Other liabilities 25,153 25,253 ----------- ----------- Total liabilities 2,920,048 2,867,700 Stockholders' equity Preferred stock, no-par value Authorized and unissued -- 500,000 shares Common stock, $.125 stated value Authorized -- 50,000,000 shares Issued and outstanding - 18,507,970 and 18,562,001 2,313 2,320 Additional paid-in capital 148,004 148,993 Retained earnings 171,419 160,004 Accumulated other comprehensive income (loss) (3,346) 2,345 ----------- ----------- Total stockholders' equity 318,390 313,662 ----------- ----------- Total liabilities and stockholders' equity $ 3,238,438 $ 3,181,362 =========== ===========
FINANCIAL HIGHLIGHTS
Three Months Ended Nine Months Ended (In thousands) September 30, September 30, 2005 2004 2005 2004 NET CHARGE OFF'S $ 1,736 $ 1,647 $ 3,808 $ 4,722 AVERAGE BALANCES Total Assets $3,202,198 $3,132,228 $3,185,815 $3,083,919 Total Loans 2,444,131 2,383,942 2,429,530 2,355,535 Total Deposits 2,419,204 2,382,347 2,420,268 2,338,694 Total Stockholders' Equity 316,615 309,744 314,856 308,035 FINANCIAL RATIOS Return on Average Assets 1.03% .98% .95% .95% Return on Avg. Stockholders' Equity 10.38 9.88 9.62 9.50 Avg. Earning Assets to Avg. Assets 90.83 89.98 90.75 89.89 Allowance for Loan Losses as % Of Total Loans 1.03 1.05 1.03 1.05 Net Charge Off's as % Of Avg. Loans (Annualized) .28 .28 .21 .27 Dividend Payout Ratio 52.27 56.10 56.56 58.47 Avg. Stockholders' Equity to Avg. Assets 9.89 9.89 9.88 9.99 Tax Equivalent Yield on Earning Assets 6.40 5.79 6.15 5.71 Cost of Supporting Liabilities 2.40 1.85 2.19 1.82 Net Int. Margin (FTE) on Earning Assets 4.00 3.94 3.96 3.89
CONSOLIDATED STATEMENTS OF INCOME (in thousands, except share data) Three Months Ended Nine Months Ended September 30, September 30, 2005 2004 2005 2004 Interest Income Loans receivable Taxable $ 40,853 $ 35,342 $116,506 $103,590 Tax exempt 160 143 483 443 Investment securities Taxable 2,427 2,146 7,132 6,147 Tax exempt 1,595 1,679 4,702 4,529 Federal funds sold 51 18 190 73 Deposits with financial institutions 185 154 493 388 Federal Reserve and Federal Home Loan Bank stock 296 319 889 954 -------- -------- -------- -------- Total interest income 45,567 39,801 130,395 116,124 -------- -------- -------- -------- Interest expense Deposits 12,172 8,487 32,707 24,556 Securities sold under repurchase agreements 523 16 965 334 Federal Home Loan Bank advances 2,549 2,484 7,367 7,359 Subordinated debentures, revolving credit and term loans 1,894 1,822 5,522 5,067 Other borrowings 289 200 831 537 -------- -------- -------- -------- Total interest expense 17,427 13,009 47,392 37,853 -------- -------- -------- -------- Net interest income 28,140 26,792 83,003 78,271 Provision for loan losses 1,794 1,380 6,409 4,472 -------- -------- -------- -------- Net interest income after provision for loan losses 26,346 25,412 76,594 73,799 -------- -------- -------- -------- Other income Fiduciary activities 1,794 1,923 5,719 5,735 Service charges on deposit accounts 2,836 2,946 8,607 8,714 Other customer fees 1,389 979 3,662 3,015 Net realized gains on sales of available-for-sale securities 16 332 22 732 Commission income 870 687 3,131 2,417 Earnings on cash surrender value of Life insurance 441 448 1,281 1,359 Net gains and fees on sales of loans 770 675 2,226 2,828 Other income 664 421 1,940 1,083 -------- -------- -------- -------- Total other income 8,780 8,411 26,588 25,883 -------- -------- -------- -------- Other expenses Salaries and employee benefits 13,384 13,087 41,463 39,170 Net occupancy expenses 1,570 1,391 4,368 3,980 Equipment expenses 1,901 1,853 5,610 5,786 Marketing expense 446 363 1,387 1,188 Deposit insurance expense Outside data processing fees 979 1,328 3,021 3,762 Printing and office supplies 328 397 969 1,183 Core deposit amortization 770 827 2,335 2,571 Other expenses 3,923 3,544 11,578 10,336 -------- -------- -------- -------- Total other expenses 23,301 22,790 70,731 67,976 -------- -------- -------- -------- Income before income tax 11,825 11,033 32,451 31,706 Income tax expense 3,605 3,380 9,743 9,763 -------- -------- -------- -------- Net income $ 8,220 $ 7,653 $ 22,708 $ 21,943 ======== ======== ======== ======== Per Share Data Basic Net Income .45 .41 1.23 1.18 Diluted Net Income .44 .41 1.22 1.18 Cash Dividends Paid .23 .23 .69 .69 Average Diluted Shares Outstanding (in thousands) 18,590 18,658 18,606 18,645
CONSOLIDATED BALANCE SHEETS (in thousands) September 30, June 30, March 31, December 31, September 30, 2005 2005 2005 2004 2004 Assets Cash and due from banks $ 81,310 $ 71,498 $ 67,904 $ 69,960 $ 73,367 Federal funds sold 22,075 22,700 ----------- ----------- ----------- ----------- ----------- Cash and cash equivalents 81,310 71,498 89,979 69,960 96,067 Interest-bearing time deposits 10,708 9,255 10,737 9,343 12,204 Investment securities 436,794 420,685 409,820 421,535 420,645 Mortgage loans held for sale 5,026 1,356 3,084 3,367 2,715 Loans 2,443,931 2,440,906 2,414,099 2,428,051 2,395,306 Less: Allowance for loan losses (25,149) (25,091) (24,488) (22,548) (25,243) ----------- ----------- ----------- ----------- ----------- Net loans 2,418,782 2,415,815 2,389,611 2,405,503 2,370,063 Premises and equipment 38,473 37,240 37,525 38,254 38,170 Federal Reserve and Federal Home Loan Bank stock 23,165 23,054 22,883 22,858 22,750 Interest receivable 19,561 16,950 16,606 17,318 17,594 Core deposit intangibles and goodwill 139,597 139,799 140,578 141,284 140,186 Cash surrender value of life insurance 43,230 42,827 42,426 42,061 41,700 Other assets 21,792 22,819 24,337 20,185 19,268 ----------- ----------- ----------- ----------- ----------- Total assets $ 3,238,438 $ 3,201,298 $ 3,187,586 $ 3,191,668 $ 3,181,362 =========== =========== =========== =========== =========== Liabilities Deposits Noninterest-bearing $ 346,318 $ 363,654 $ 333,614 $ 330,685 $ 373,548 Interest-bearing 2,118,975 2,040,624 2,118,605 2,077,465 2,083,271 ----------- ----------- ----------- ----------- ----------- Total deposits 2,465,293 2,404,278 2,452,219 2,408,150 2,456,819 Borrowings 423,959 454,400 391,193 440,891 379,922 Interest payable 5,643 5,068 6,562 4,411 5,706 Other liabilities 25,153 24,194 27,014 23,613 25,253 ----------- ----------- ----------- ----------- ----------- Total liabilities 2,920,048 2,887,940 2,876,988 2,877,065 2,867,700 Stockholders' equity Preferred stock, no-par value Authorized and unissued -- 500,000 shares Common stock, $.125 stated value Authorized -- 50,000,000 shares Issued and outstanding 2,313 2,302 2,312 2,322 2,320 Additional paid-in capital 148,004 146,057 148,347 150,862 148,993 Retained earnings 171,419 167,452 163,761 161,459 160,004 Accumulated other comprehensive income (loss) (3,346) (2,453) (3,822) (40) 2,345 ----------- ----------- ----------- ----------- ----------- Total stockholders' equity 318,390 313,358 310,598 314,603 313,662 ----------- ----------- ----------- ----------- ----------- Total liabilities and stockholders' equity $ 3,238,438 $ 3,201,298 $ 3,187,586 $ 3,191,668 $ 3,181,362 =========== =========== =========== =========== ===========
NON-PERFORMING ASSETS (in thousands) September 30, June 30, March 31, December 31, September 30, 2005 2005 2005 2004 2004 90 days past due $ 3,560 $ 3,696 $ 1,948 $ 1,907 $ 6,664 Non-accrual loans 11,757 11,626 13,272 15,355 16,852 Other real estate 3,023 1,804 2,003 1,650 1,546 ---------- ---------- ---------- ---------- ---------- Total non-performing assets $ 18,340 $ 17,126 $ 17,223 $ 18,912 $ 25,062 ========== ========== ========== ========== ========== Average total loans for the quarter $2,444,131 $2,430,081 $2,414,050 $2,409,170 $2,383,942 Total non-performing assets as a percent of average total loans .75% .70% .71% .79% 1.05% Restructured loans $ 454 $ 531 $ 337 $ 2,019 $ 2,169
CONSOLIDATED STATEMENTS OF INCOME Three Months Ended (in thousands, except share data) September 30, June 30, March 31, December 31, September 30, 2005 2005 2005 2004 2004 Interest Income Loans receivable Taxable $ 40,853 $ 38,831 $ 36,822 $ 36,363 $ 35,342 Tax exempt 160 189 134 138 143 Investment securities Taxable 2,427 2,376 2,329 2,224 2,146 Tax exempt 1,595 1,554 1,553 1,569 1,679 Federal funds sold 51 112 27 92 18 Deposits with financial institutions 185 166 142 167 154 Federal Reserve and Federal Home Loan Bank stock 296 285 308 297 319 -------- -------- -------- -------- -------- Total interest income 45,567 43,513 41,315 40,850 39,801 -------- -------- -------- -------- -------- Interest expense Deposits 12,172 10,729 9,806 9,288 8,487 Securities sold under repurchase agreements 523 193 249 183 16 Federal Home Loan Bank advances 2,549 2,443 2,375 2,418 2,484 Subordinated debentures, revolving credit and term loans 1,894 1,839 1,789 1,717 1,822 Other borrowings 289 388 154 126 200 -------- -------- -------- -------- -------- Total interest expense 17,427 15,592 14,373 13,732 13,009 -------- -------- -------- -------- -------- Net interest income 28,140 27,921 26,942 27,118 26,792 Provision for loan losses 1,794 1,948 2,667 1,233 1,380 -------- -------- -------- -------- -------- Net interest income after provision for loan losses 26,346 25,973 24,275 25,885 25,412 -------- -------- -------- -------- -------- Other income Fiduciary activities 1,794 1,963 1,962 1,897 1,923 Service charges on deposit accounts 2,836 3,048 2,723 2,924 2,946 Other customer fees 1,389 1,188 1,085 1,068 979 Net realized gains on sales of available-for-sale securities 16 6 456 332 Commission income 870 757 1,504 671 687 Earnings on cash surrender value of life insurance 441 439 401 439 448 Net gains and fees on sales of loans 770 779 677 801 675 Other income 664 582 694 415 421 -------- -------- -------- -------- -------- Total other income 8,780 8,762 9,046 8,671 8,411 -------- -------- -------- -------- -------- Other expenses Salaries and employee benefits 13,384 13,258 14,821 13,309 13,087 Net occupancy expenses 1,570 1,422 1,376 1,328 1,391 Equipment expenses 1,901 1,852 1,857 1,879 1,853 Marketing expense 446 526 415 521 363 Outside data processing fees 979 1,033 1,009 1,158 1,328 Printing and office supplies 328 304 337 397 397 Core deposit amortization 770 778 787 802 827 Other expenses 3,923 4,026 3,629 4,272 3,544 -------- -------- -------- -------- -------- Total other expenses 23,301 23,199 24,231 23,666 22,790 -------- -------- -------- -------- -------- Income before income tax 11,825 11,536 9,090 10,890 11,033 Income tax expense 3,605 3,615 2,523 3,422 3,380 -------- -------- -------- -------- -------- Net income $ 8,220 $ 7,921 $ 6,567 $ 7,468 $ 7,653 ======== ======== ======== ======== ======== Per Share Data Basic Net Income $ .45 $ .43 $ .35 $ .41 $ .41 Diluted Net Income .44 .43 .35 .40 .41 Cash Dividends Paid .23 .23 .23 .23 .23 Average Diluted Shares Outstanding (in thousands) 18,590 18,536 18,697 18,721 18,658 FINANCIAL RATIOS Return on Average Assets 1.03% .99% .83% .94% .98% Return on Avg. Stockholders' Equity 10.38 10.13 8.33 9.46 9.88 Avg. Earning Assets to Avg. Assets 90.83 90.81 90.61 91.38 89.98 Allowance for Loan Losses as % Of Total Loans 1.03 1.03 1.01 .93 1.05 Net Charge Off's as % Of Avg. Loans (Annualized) .28 .22 .12 .65 .28 Dividend Payout Ratio 52.27 53.49 65.71 57.50 56.10 Avg. Stockholders' Equity to Avg. Assets 9.89 9.80 9.97 9.92 9.89 Tax Equivalent Yield on Earning Assets 6.40 6.14 5.90 5.74 5.79 Cost of Supporting Liabilities 2.40 2.15 2.01 1.89 1.85 Net Int. Margin (FTE) on Earning Assets 4.00 3.99 3.89 3.85 3.94
LOANS (in thousands) September 30, June 30, March 31, December 31, September 30, 2005 2005 2005 2004 2004 Commercial and industrial loans $ 476,010 $ 463,002 $ 447,552 $ 451,227 $ 435,874 Agricultural production financing and other loans to farmers 94,262 93,274 83,800 98,902 99,464 Real estate loans: Construction 171,667 166,367 170,498 164,738 154,711 Commercial and farmland 719,154 723,099 726,345 709,163 592,199 Residential 746,777 759,003 760,560 761,163 859,901 Individuals' loans for household and other personal expenditures 186,792 182,362 187,552 198,532 203,763 Tax exempt loans 12,439 14,135 10,592 8,203 11,062 Lease financing receivables, net of unearned income 9,538 10,533 10,704 11,311 9,361 Other loans 27,292 29,131 16,496 24,812 28,971 ----------- ----------- ----------- ----------- ----------- 2,443,931 2,440,906 2,414,099 2,428,051 2,395,306 Allowance for loan losses (25,149) (25,091) (24,488) (22,548) (25,243) ----------- ----------- ----------- ----------- ----------- Total loans $2,418,782 $2,415,815 $2,389,611 $2,405,503 $2,370,063 =========== =========== =========== =========== ===========
DEPOSITS (in thousands) September 30, June 30, March 31, December 31, September 30, 2005 2005 2005 2004 2004 Demand deposits $ 697,597 $ 720,263 $ 686,695 $ 703,989 $ 714,429 Savings deposits 568,366 593,770 655,643 634,132 654,626 Certificates and other time deposits of $100,000 or more 320,640 234,988 285,878 258,362 289,839 Other certificates and time deposits 878,690 855,257 824,003 811,667 797,925 ----------- ----------- ----------- ----------- ----------- $2,465,293 $2,404,278 $2,452,219 $2,408,150 $2,456,819 =========== =========== =========== =========== ===========
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